The deal, which both parties said stems from an agreement made in 2014, will see Alibaba pick up newly issued shares in Ant, seemingly paving the way for a public listing. It will also mark an end to a profit-share agreement which saw Ant give Alibaba “royalty and technology service fees” equal to 37.5 percent of its pre-tax profits each quarter.

The agreement will give Alibaba direct ownership of Ant, which is valued at over $60 billion. Although, somewhat confusingly, Alibaba said the deal will have no cash impact on its business once completed. Alibaba appears to be paying with IP, or more accurately: it is picking up the shares “in exchange for certain intellectual property rights owned by Alibaba exclusively related to Ant Financial.”

“An equity stake in Ant Financial enables Alibaba and our shareholders to participate in the future growth of the financial technology sector, as well as the benefits of user growth and improved customer experience,” Alibaba Group CEO Daniel Zhang wrote in a statement.

The initial reaction was less than positive, however, with Alibaba’s share price dropping right after the announcement.

Alipay is China’s most popular mobile payment wallet, but Ant also operates an investment fund, micro-loans, insurance services, a digital bank and more. Altogether, it claims to reach more than 450 million users via its products.